What is the main outcome of having a good credit score?

A good credit score primarily leads to more favorable loan terms and conditions. This outcome is significant because lenders view individuals with higher credit scores as lower risk. Therefore, these individuals are more likely to qualify for loans at lower interest rates, which can save them money over the life of the loan. Additionally, they may have access to higher loan amounts and more flexible repayment terms, making it more manageable to borrow and repay funds.

Having a good credit score can also have other positive effects, such as potentially approving credit applications more easily and impacting insurance premiums or rental applications. However, the most direct and impactful benefit remains the improved terms and conditions associated with loans and credit. This results in financial savings and increased buying power for the individual.